Investment Strategy
Core/Core-Plus Equity
Objective
Acquire institutional quality assets which generate a high proportion
of their total return from current income and provide the opportunity for modest capital
appreciation
Product Type
Office and Hotel
Geographic Location
Primary focus will include but not be limited to:
CBD Markets – Austin, Boston, Chicago, Fort Lauderdale, Miami, New York, Orlando, Washington D.C. and West Palm Beach
Suburban Markets – Atlanta (Buckhead and Midtown), Austin, Boston, Chicago, Fort Lauderdale, Maryland, Miami, Orlando, Tampa, Virginia and West Palm Beach
Investment Characteristics
Limited near-term lease rollover
Class A assets or high-quality B assets in A locations
Transaction Amount
$50MM +
Target Leverage:
50% - 65% LTV
Opportunistic Equity Program
Objective
Acquire assets with limited to no near term current income whose return is generated mostly from significant income growth or capital appreciation
Product Type
Office, Hotel and Multifamily
Geographic Location
National
Investment Characteristics
Underperforming assets
Temporarily out-of-favor markets
Properties with significant vacancy or substantial near-term lease rollover risk
Properties in need of capital for leasing, redevelopment and/or repositioning
Conversion of residential/hotel propertiesto residential condominiums
Transaction Amount
$30MM +
Target Leverage
60% - 90% LTV
Mezzanine Debt Program
Objective
To originate or acquire mezzanine loans and non-performing
first mortgage or mezzanine loans
Product Type
Office, Hotel, Multifamily and Land
Geographic Location
National
Investment Characteristics
Recapitalize underperforming properties that are encumbered with maturing debt
Provide capital to partnerships with limited to no capital to fund lease up and project renovation costs
Provide loans for the acquisition and/or conversion of residential/office/hotel properties to residential condominiums
Provide debt for condominium development
Transaction Amount (size of loan)
$30MM +
Target Leverage
Mezzanine Loans: Mezzanine debt financing will typically make up the portion of the capital stack ranging from 75% up to 95%
First Mortgage Debt: The Fund will seek to lever the acquisition of these loans with 50% + leverage